Business | Property

IFA buys two Palm plots for Dh3.67b

IFA Hotels & Resorts (IFA HR) on Monday announced its second joint venture partnership with Nakheel with the acquisition of two plots of land adjacent to the Kingdom of Sheba resort located on the Crescent of Palm Jumeirah, valued at $1 billion (Dh3.67 billion).

  • Staff Report
  • Published: 00:03 May 13, 2008
  • Gulf News

Dubai: IFA Hotels & Resorts (IFA HR) on Monday announced its second joint venture partnership with Nakheel with the acquisition of two plots of land adjacent to the Kingdom of Sheba resort located on the Crescent of Palm Jumeirah, valued at $1 billion (Dh3.67 billion).

Coverage

The two plots of land cover 1.012 million square feet and are located next to the Kingdom of Sheba resort, with a built up area of 1.923 million square feet.

"We have experienced a great relationship with Nakheel during the past five years on our successful projects on the island and specifically on The Palm Golden Mile where an existing JV partnership exists," Talal Jassem Al Bahar, chairman and managing director of IFA HR, said in a statement.

The project is an extension of the Kingdom of Sheba. IFA HR recently broke ground on the Balqis Residence, the residential component of the Kingdom of Sheba.

The Kingdom of Sheba resort covers 1.523 million square feet in a prime location adjacent to the renowned Atlantis development and will consist of five separate and unique elements, each strongly influenced by classic Arab architecture - residences, fractional ownership, vacation club, a hotel and souq (retail plaza).

Nakheel is one of the world's largest privately-held real estate developers and a key player in realising the vision of Dubai for the 21st century.

Choices

Chris O'Donnell, Nakheel CEO, said, "Palm Jumeirah will be one of the world's premier resorts, offering a wealth of beachfront hotels, retail and leisure choices. Our partnership with IFA Hotels & Resorts will result in a number of these choices and this latest joint venture will result in yet another exceptional experience on Palm Jumeirah."

In addition to the Kingdom of Sheba, IFA HR's other investments and projects on Palm Jumeirah include the Palm Residence (Al Nabat and Al Haseer), Fairmont Palm Hotel & Resort, Fairmont Palm Residence and The Palm Golden Mile.

In total, the company is developing more than 3,500 keys on the island.

IFA Hotels & Resorts, the largest investor on The Palm Jumeirah, has started handing over properties to customers and poised to delivering more than 1,700 residential units next year.

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